Saudi Aramco buys SABIC shares on market

FILE PHOTO: Yasser al-Rumayyan, Saudi Aramco's chairman, speaks during a news conference at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed/File Photo

RIYADH/DUBAI: State-owned Saudi Aramco bought 2.1 billion shares of Saudi Basic Industries (SABIC) on the stock market on Sunday as it completed its deal agreed last year to buy 70% of the petrochemical giant, according to sources and market data.

Four transactions were executed on the Saudi exchange, known as Tadawul, involving SABIC shares worth 259,125 billion riyals ($69.1) billion, Tadawal data showed, without naming the buyer.